In a new collaboration, IBM and Thomson Reuters will offer financial institutions access to an AI-Powered RegTech Solution. According to a press release, the service will be delivered through the IBM Cloud with real-time financial data from thousands of sources, backed by domain knowledge from IBM consulting subsidiary Promontory Financial Group.
Promontory was founded in 2001 by Eugene Ludwig, the former Comptroller of the Currency under President Bill Clinton, offering regulatory, compliance, risk, and cyber security consulting to financial services companies.
„Combining worldwide regulatory-specific content, AI and advanced analytics, IBM OpenPages with Watson provides visibility into pending regulatory changes to take the guesswork out for compliance professionals. It also helps project exactly what business impact those changes will likely have on the organization,” said Alistair Rennie, the GM for Watson Financial Services Products at IBM.
“This regulatory intelligence solution developed with Thomson Reuters brings a new level of insight and intelligence to the complex challenges of regulatory compliance.”
Financial institutions are faced with hundreds of regulatory alerts daily with an estimated 300 million new regulations on the way by 2020. “Collaborating with IBM enhances access to Thomson Reuters industry-leading regulatory insights, news analyses and research, providing compliance professionals in financial services and other industries the tools they need to manage regulatory change and complexity in a single framework,” Chris Carlstead, head of partnerships and alliances for Thomson Reuters Corporates Segment, said. “Combining our content with IBM’s exceptional AI technology on a platform will dramatically transform the way risk professionals manage their daily compliance burden.”
Thomson Reuters and IBM have been collaborating on AI and data intelligence since 2015.